As the final midterm votes are being counted, older Americans now know the identities of many of the senators who will determine their retirement futures.
While both the House and Senate flipped blue, the 35 senators elected on Tuesday will grapple with the Social Security shortfall expected in the early 2030s.
Given that senators serve six-year terms, more than a third of the incoming Senate will be responsible for reforming Social Security — or letting its funding deplete.
Social Security, a lifeline for millions of older Americans and people with disabilities, is on track to run out of reserves by 2032, which would cut Americans' benefits by roughly 22%. For a typical dual-income couple who recently retired, this could mean almost $17,000 in lost income each year beginning in 2033.
Social Security loses money each year, spending more on benefits to over 75 million people than it gets in tax revenue. Social Security is projected to collect $2 trillion but spend $2.4 trillion in 2033 as the US population gets older. Politicians have skirted the question of whether Social Security will ever be depleted, but there hasn't been a clear path forward. Aging advocates and Social Security...